The Barclay Fund of Funds Index gained 0.67% in May, and is up 4.82% year to date. The Fund of Funds Index now has seven straight months of gains.

The Equity Short Bias Index fell 4.01% in May and Pacific Rim Equities dropped 0.91%.
“The Nikkei declined by 12 percent over the last eight trading days of the month as speculator concerns focused on the possibility of the BOJ having to scale back its policy of aggressive easing,” says Waksman.

Equity Short Bias is now down 17.14% year to date. The other 17 hedge fund strategies tracked by BarclayHedge are all in positive territory after the first five months of 2013.